Taxes
Rich Americans Who Were Warned on Taxes Hunt for Ways Around Them
As Joe Biden and state lawmakers target millionaires and billionaires, wealth advisers are trying to help their clients adapt to the new rules.
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For wealthy Americans worried about higher taxes, the future is looking bleaker.
It’s all but inevitable that the Biden administration, as well as lawmakers at the state level, will target millionaires and billionaires for more levies. The new reality could feel harsh for investors who got used to paying a top rate of 23.8% on their capital gains, an amount they can lower further with many of the deductions, incentives and accounting tricks offered by the U.S. tax code.